BTW, this isn't Farady's Law in motion as far as I believe. it's a simple motor in action. here's what happens:

Batteries work by converting chemical energy into electricity. Copper is a good conductor of electricity and so the electricity flows from the battery through the wire. When electricity flows it creates a weak magnetic field. When this magnetic field interacts with the magnetic field surrounding the magnet, it causes the wire to spin! Of course, this simple electric motor will only work until the battery runs out!